What is Malcom medical expense deduction

Assignment Help Accounting Basics
Reference no: EM132725684

Question - In 2020, Malcolm pays $1,500 for doctor visits, $800 for prescription drugs, $200 for vitamins, $6,500 for skin cancer treatment, and $1,300 for health insurance premiums. In November 2021, he learns that he will receive insurance reimbursement of $6,000 for the cancer treatment. Malcolm's 2020 AGI is $15,000. What is Malcom's 2020 medical expense deduction (after any limitation)?

Reference no: EM132725684

Questions Cloud

Performance appraisal instrument : Can one performance appraisal instrument be used for all levels in an organization, i.e., executives, middle managers, and employees? Why or why not
Which the quality and quantity of audit evidence : An auditor must take regard for asset verification and related audit procedure when conducting and asset audit. This must include
Strategic management and strategic planning : Are "strategic management" and "strategic planning" synonymous terms?
Distinguish between the concepts of mission and vision : Distinguish between the concepts of mission and vision. Provide examples in your explanation
What is Malcom medical expense deduction : In 2020, Malcolm pays $1,500 for doctor visits, $800 for prescription drugs, $200 for vitamins, What is Malcom medical expense deduction
What leaf company should purchase : Ending inventory is budgeted at 30 percent of the next month's sales. July sales are estimated at 6,500 sets. In April, Leaf Company should purchase
Find the debt service coverage ratio of the company : The interest obligation is expected to be Rs.240 million and loan installment payable is Rs.320 million. Find the Debt Service Coverage Ratio of the company
What characterizes the sites you have chosen : Visit the tourism site for the state where you live and a website promoting a destination you've always wanted to visit and address the following questions.
Explain what is the roa for wu tea ltd : Explain What is the ROA for Wu's Tea Ltd? What would their ROA be if their investment in Unlucky Coffee Ltd was accounted for as a financial instrument?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd